MIDLAND, MI — The first quarter of 2014 marked the sixth consecutive quarter of earnings growth and margin expansion for The Dow Chemical Co., officials reported Wednesday, April 23.

In the first quarter of 2014, Dow reported earnings of 79 cents per share, up from 46 cents per share in the same quarter last year, or adjusted earnings of 69 cents per share — a 14 percent increase from the year-ago period, according to the company's first quarter earnings report.

"Dow's
performance this quarter represents our team's cumulative and intense focus on
the execution of our strategic value drivers — including targeted innovation,
high-return investments and multiple productivity actions. We achieved margin
expansion in all of our key business operating segments — despite a series of
weather- and transport-related issues in North America. These self-help
programs are fully in gear, and they mitigated against a persistent slow-growth
world economy and overcame more than $300 million of increased hydrocarbon
costs during the quarter."

His statement continued, "Our
financial priorities are firmly institutionalized, and we continued to increase
cash flow and further improved return on capital. Additionally, we increased
our dividend and completed $1.25 billion in share repurchases in the first
quarter alone. Collectively, these results reflect our complete focus on
maximizing shareholder value."

Here are some more highlights from Dow's report:

• Sales were $14.5 billion, up 1 percent versus the same quarter last year. Performance Plastics drove sales gains, up 6 percent on an adjusted basis because of higher prices.

• Net income before interest, income taxes, depreciation and amortization was $2.4 billion, compared with $2.2 billion, or $2.3 billion on an adjusted basis, in the year-ago period. Increases were reported in most operating segments, led by gains in performance plastics, agricultural sciences and coatings and infrastructure solutions.

• Adjusted net income before interest, income taxes, depreciation and amortization margin expanded more than 60 basis points to 16.6 percent on a year-over-year basis, with increases reported in all operating segments except feedstocks and energy.